Sorry if this has been asked, but I'm in a rush right now. So i bought the game and dumped it. Tried to play it from the usb but wouldn't play. So I decided to just load the disc and it tells me to update. If I update do I lose all the homebrew stuff? And the cios I have installed already?

The game's update is System Menu 4.1 plus boot2v4, so it's quite safe. If you don't want boot2 to get updated (seeing as that might wipe out BootMii as boot2), skip disc updates via Preloader/Priiloader and install IOS53.